Philippines Inflation October 2016

Philippines

Philippines: Inflation is stable in October

In October, consumer prices rose 0.2% from the previous month, matching September’s print. The soft rise mainly reflected higher prices for food and non-alcoholic beverages.

Inflation was 2.3% in October, mirroring September’s reading. Annual average inflation edged up to a twelve-month high of 1.6% from the 1.4% recorded in September. Annual average inflation is an important indicator as the Central Bank uses it as a guide for monetary policy, with an inflation target for the 2016–2018 period set at 3.0% plus/minus one percentage point.

Core consumer prices, which exclude volatile items such as foodstuffs and oil, rose 0.1% in October from the previous month, matching September’s reading. Finally, core inflation in October mirrored September’s 2.3%.

FocusEconomics Consensus Forecast panelists expect annual inflation to average 1.7% in 2016, which is down 0.1 percentage points from last month’s projection. For 2017, panelists see average inflation of 2.8%, which is also down 0.1 percentage points from last month’s forecast.


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Philippines Inflation October 2016 0

Note: Annual and monthly variation of consumer price index in %.
Source: National Statistics Office (NSO) and FocusEconomics calculations.


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